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Bill > S01570
NY S01570
NY S01570Establishes a billionaire mark-to-market tax taxing residents with one billion dollars or more in net assets.
summary
Introduced
01/12/2023
01/12/2023
In Committee
01/03/2024
01/03/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to establish the "billionaire mark-to-market tax act"; and to amend the tax law, in relation to establishing a mark-to-market tax
AI Summary
This bill establishes a "billionaire mark-to-market tax" that requires resident individual taxpayers with net assets worth $1 billion or more to recognize gains or losses as if their assets were sold for fair market value on December 31, 2022. The resulting net gains, up to a phase-in cap amount, would be included in the taxpayer's 2023 income. Taxpayers have the option to pay the additional tax in full or in 10 equal annual installments with a non-deductible deferral charge. The bill also outlines how assets and liabilities are to be valued, and requires detailed reporting on the assets of high-net-worth individuals. The purpose of the bill is to tax the wealth of billionaire residents of New York.
Committee Categories
Budget and Finance
Sponsors (25)
Jessica Ramos (D)*,
Neil Breslin (D),
Jabari Brisport (D),
Samra Brouk (D),
Cordell Cleare (D),
Leroy Comrie (D),
Jeremy Cooney (D),
Nathalia Ferna´ndez (D),
Michael Gianaris (D),
Kristen Gonzalez (D),
Michelle Hinchey (D),
Brad Hoylman (D),
Robert Jackson (D),
Brian Kavanagh (D),
John Liu (D),
Rachel May (D),
Zellnor Myrie (D),
Kevin Parker (D),
Gustavo Rivera (D),
Julia Salazar (D),
James Sanders (D),
Luis Sepúlveda (D),
Jose Serrano (D),
Toby Stavisky (D),
Lea Webb (D),
Last Action
REFERRED TO BUDGET AND REVENUE (on 01/03/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2023/S1570 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S01570&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S01570 |
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